January 2024 CPI Report | Uptrend Continues
Uptrend Continues Yesterday, according to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), the Headline inflation for January 2024 increased by 98bps, reaching 29.90% Year-on-Year (YoY) compared to the 28.92% YoY recorded in December 2023. The sustained elevation in headline inflation is attributed to increases in the two major […]
December 2023 CPI Report | Inflation Bites Deeper
Inflation Bites Deeper Yesterday, the National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) report for December 2023. Headline inflation increased by 72bps to 28.92% Year-on-Year (YoY), compared to 28.20% YoY in November 2023. This upswing was fueled by increases in its subcomponents: Food inflation (+109bps to 33.93% YoY) and Core Inflation (+68bps […]
H1:2024 Nigeria Strategy Report | Rocky Road to Resilience
In this report, we examined the events of the second half of 2023, focusing on the global economy, domestic economy and domestic capital market. Afterwards, we gave an outlook for the first half of 2024 as well as investment strategies that will guide investors in making the right decisions. EXECUTIVE SUMMARY 2023FY unfolded as quite […]
Q3 2023Foreign Trade in Goods Statistics | Four Consecutive Quarters of Trade Surplus
Four Consecutive Quarters of Trade Surplus In the recently released Q3:2023 Foreign Trade in Goods statistics report by the National Bureau of Statistics (NBS), Total Trade in the quarter jumped by 54.62% Quarter-on-Quarter (QoQ) to NGN18.80trn from NGN12.16trn in Q2:2023. This surge is associated with similar growth in Total Imports (+47.70% QoQ to NGN8.46trn in […]
Q3:2023 GDP Report | A Show of Resilience amid Economic Challenges
A Show of Resilience amid Economic Challenges In the recently published Q3:2023 GDP report by the NBS, the Nigerian economy grew modestly by 2.54% YoY compared to 2.51% YoY in Q2:2023. This marks the twelfth (12th) consecutive quarter of expansion since H2:2020, underscoring the doggedness of the Nigeria economy despite macroeconomic and structural challenges including […]
October 2023 CPI Report | Rising Prices Remain Unabated
Rising Prices Remain Unabated Yesterday, the National Bureau of Statistics (NBS) released the inflation report for October 2023. Headline inflation jumped by 61bps to reach 27.33% YoY (vs 26.72% YoY in September 2023). This is on the back of increases in its two major sub-components, Food inflation (+88bps to 31.52% YoY) and Core inflation (+73bps […]
September 2023 CPI Report | A New High
A New High Yesterday, the Nigerian Bureau of Statistics (NBS) released the inflation report for September 2023. Headline inflation soared by 92bps Year-on-Year (YoY) to 26.72% (vs 25.80% YoY in August 2023). The increase in headline inflation can be attributed to the rise in the food inflation (+130bps YoY to 30.64%) and core inflation (+69bps […]
Q2:2023 Capital Importation Report | Structural Issues Continue to Constrain Capital Inflow
We recently published a report on Nigeria’s Capital Importation for the second quarter of 2023. The report shows the current trajectory of foreign investment inflows into the country and our outlook for capital importation in the remaining quarters of the year. DATA ON CAPITAL IMPORTATION Recently, the National Bureau of Statistics published its Capital Importation […]
Weekly Commentary and Stock Recommendation: 11th September – 15th September 2023
Global Economy According to its September Global Economic Outlook report, Fitch Ratings has revised up its forecast for world growth in 2023 by 0.1% to 2.5%, reflecting surprising resilience so far this year in the US, Japan, and emerging markets (EM) excluding China. Fitch has raised US growth by 0.8% to 2.0%, Japan by 0.7% […]
August 2023 CPI Report | Elevated Price Level – The New Normal?
Elevated Price Level – The New Normal? Earlier today, the National Bureau of Statistics (NBS) released its inflation report for August 2023. Headline inflation continued to surpass its 18-year high as it climbed higher by 172bps Year-on-Year (YoY) to 25.80% from 24.08% in July 2023. Similarly, Food inflation surged by 235bps YoY to 29.34% (vs. […]
